LPG Market Outlook: Imports Climbing for India Ahead of Elections
LPG imports for India rose to roughly 1.8 MMt in October compared to the 1.5 MMt/m on average in 2023. The rise in imports comes on the heels of sweeping policy changes made by the government in the LPG market that are forecast to drive demand for LPG higher in 2024 and 2025. LPG imports are forecast at 18.1 MMt in 2023 and will increase in 2024 to 18.6 MMt, with a further increase in 2025 to 19.8 MMt.
Currently, elections are taking place in five Indian states and the general presidential election will be held next year. In a move to secure more votes, the government released funding to connect an additional 7.5 million households below the poverty line to the LPG grid, lowered the price of the LPG cylinder and increased subsidies. Additionally, the government has eliminated the import duty on LPG.
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